Wednesday, 12 Aug 2020 05:20 PM MYT
Lee is not the only one bucking the trend as Singapore grapples with its worst economic crisis since independence. Compared to the first quarter on an annualised seasonally-adjusted basis, the economy contracted by an eye-popping 42.9 per cent. However, economists told TODAY that there is no contradiction between the official numbers and what’s happening on the ground.
“Singaporeans haven’t gone away. We can’t travel, whatever expenditure is being spent here. Same for foreigners working here, there is no outlet,” she added.Economists also said that much of the spending on display comes from the higher-income households, who have not been as greatly affected by Covid-19.
Chua said that lockdowns worldwide have in fact raised the saving rates of higher-income households since they have not been able to spend on discretionary goods like travel or recreation.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Singapore enters worst recession in 55 years, ministry downgrades growth forecast | Malay MailSINGAPORE, Aug 11 — The government has downgraded Singapore’s growth forecast for 2020 as the country enters into its worst recession since independence. From an initial projection that the economy will shrink between 4 and 7 per cent, the Ministry of Trade and Industry (MTI) said today...
Source: malaymail - 🏆 1. / 86 Read more »
Savills Index: KL property value, rental down in H1 due to Covid-19 disruption | Malay MailKUALA LUMPUR, Aug 11 ― Economic disruption due to the Covid-19 pandemic caused property capital and rental to fall 0.5 per cent and 1 per cent respectively as of June, according to the Savills Prime Index: World Cities report. The report released this month gauged the performance of the real...
Source: malaymail - 🏆 1. / 86 Read more »
Mauritius must brace for 'worst case scenario' after oil spill, says PM | Malay MailNAIROBI, Aug 11 — A Japanese ship that ran aground on a reef off Mauritius two weeks ago has now stopped leaking oil into the Indian Ocean but the island nation must still prepare for “a worst case scenario,” Prime Minister Pravind Jugnauth said late yesterday. Conservationists said they were...
Source: malaymail - 🏆 1. / 86 Read more »
Spain again grapples with Europe’s worst virus infection rate | Malay MailMADRID, Aug 12 — Just seven weeks after bringing its first coronavirus wave under control, experts say Spain is once again in a “critical” situation with the worst infection rate in Western Europe. The country reported an average of 4,923 new daily cases of the respiratory disease during the...
Source: malaymail - 🏆 1. / 86 Read more »
Analysts: Tight supply set to keep CPO prices up in August | Malay MailKUALA LUMPUR, Aug 11 — The anticipation of tight supply of palm oil will continue to support crude palm oil (CPO) prices of up to RM2,800 per tonne this month, say analysts. CPO prices have gained more than 19 per cent over the past month to settle at RM2,853 per metric tonne. “We expect CPO...
Source: malaymail - 🏆 1. / 86 Read more »
Australia suffers deadliest day of coronavirus pandemic, cases rise | Malay MailSYDNEY, Aug 12 — Australia recorded its deadliest day of the coronavirus pandemic today and the biggest daily rise in infections in three days, denting hopes that a second wave gripping the state of Victoria may be stabilising. Victoria reported 21 deaths — two more than the previous deadliest...
Source: malaymail - 🏆 1. / 86 Read more »